IIT Madras raises Rs 231 cr in funding from alumni, firms, donors in FY23

The Indian Institute of Technology Madras (IIT Madras) said on Monday it raised the highest-ever funding, of Rs 231 crore, from alumni, industry and individual donors in Financial Year 2022-23 (FY23).

Funding increased 76 per cent year-on-year (YoY) compared to Rs 131 crore in FY22, according to data shared by the institute. The number of donors contributing more than Rs 1 crore increased 64 per cent YoY. IIT Madras raised Rs 101.2 crore in FY21.

Total funding has grown at a CAGR of 45 per cent in ten years, said the institute.

The funds were raised from alumni and individual philanthropists, in addition to CSR (Corporate Social Responsibility) funds and grants from Indian as well as multinational corporate firms.

“Our benefactors enable us to build interdisciplinary Centres of Excellence focused on developing and deploying new technologies in socially-relevant realms like healthcare, climate change, energy, skill development, and agriculture. They also provide financial assistance to needy students through scholarships and fellowships,” said Kaviraj Nair, Chief Executive Officer, Office of Institutional Advancement, IIT Madras.

“Alumni contribute to improving the overall infrastructure on the campus, such as the construction of innovation hubs, indoor sports complexes, or the purchase of electric buses for campus transportation. We also work extensively with our alumni to create a world-class startup ecosystem associated with IIT Madras,” said Nair.

Alumni support may also take the form of domain and technical expertise, professional networks, or financial resources, he said.

Alumni and individual donors across India and globally contributed nearly Rs 96 crore for the institute. Their focus areas included research across various social impact themes, infrastructure, scholarships for students, besides establishing Chair Professorships for research in specific areas.

The CSR segment witnessed a 56 per cent growth from the previous year, with the addition of 40 new partnerships in the last year. The sectors that attracted most interest from donors include technology-driven initiatives in energy, environment, health and education, besides collaborations for research under CSR.

The key fundraising goals of the Institute for the current financial year of 2023-24, it said, include strengthening the alumni fundraising team in India and in the U.S. to further penetrate the alumni segment.

“Year over year, the support of alumni and corporate philanthropy has been a crucial ingredient of our success on the global stage. We shall strive to take IIT Madras to even greater heights with their continuing support in the coming years,” said Prof Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras.

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